ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
121
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
Risk Analysis & Economics - Markets Infrastructure Investors X Board of Supervisors X MiFID II: Transparency Calculations and DVC X Corporate Disclosure X Innovation and Products X Securities Financing Transactions X Securitisation X Market Abuse X Crowdfunding X Trade Repositories X Credit Rating Agencies X Q&A X Final Report X
Reset all filters

Pages

Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
22/08/2018 ESMA33-128-474 Final Report on Technical standards on disclosure requirements under the Securitisation Regulation Securitisation Final Report PDF
3.12 MB
11/05/2005 05-274 Feedback Statement- Market Abuse Directive, Level 3 – first set of guidance and information on the common operation of the Directive Market Abuse Final Report PDF
79.76 KB		 http://www.cesr-eu.org/data/document/05_274.pdf
22/11/2007 07-693 Report on Administrative Measures and Sanctions available in Member States under the Market Abuse Directive (MAD) Market Abuse Final Report PDF
3.44 MB
28/02/2008 08-099 CESR Executive summary to the report on administrative measures and sanctions as well as the criminal sanctions available in Member States under the Market Abuse Directive Market Abuse Final Report PDF
874.1 KB
28/03/2011 2011/22 Report- ESMA Data on Prospectuses Approved and Passported- July 2010 to December 2010 Prospectus, Corporate Disclosure Final Report PDF
134.79 KB
22/03/2012 2012/207 ESMA’s Report on the Supervision of Credit Rating Agencies Credit Rating Agencies Final Report PDF
323.81 KB		 This report provides an overview of ESMA’s supervisory activity on Credit Rating Agencies (CRAs) registered in the European Union and summarises the results of ESMA’s first examination of the three groups of registered CRAs (Fitch Ratings, Moody's Investors Services, and Standard & Poor's Rating Services). The examination referred to in this document is the first step in an ongoing supervisory process conducted by ESMA and therefore does not represent a full scope investigation. The observations set forth in this Report refer to common issues affecting CRAs activities. As of the date of this document, ESMA has not determined whether any observation highlighted below constitutes a breach of the provisions of the Regulation. ESMA is still progressing in its assessment of the areas discussed in this Report. This Report is not based on a decision by ESMA’s Board of Supervisors; therefore it is published without prejudice to the possibility of further investigations which could lead to enforcement or supervisory actions.
12/01/2012 2012/3 Annual report on the application of the Regulation on credit rating agencies as provided by Article 21(5) and Article 39a of the Regulation (EU) No 1060/2009 as amended by Regulation No 1095/2010 Credit Rating Agencies Final Report PDF
141.98 KB		 This is the first report under the new CRA regulation, however, please note that CESR published a report about the application of the Regulation in the EU and, in particular, on the implementation of the requirements established in Annex I of the Regulation on 6 December 2010 (CESR/10-1424), according to Article 21(4) of the Regulation which was subsequently amended by Regulation No (EC) 513/2011. At the time of publication, 16 CRA's have been registered.
26/07/2012 2012/482 Review of Greek Government Bonds accounting practices Corporate Disclosure, IFRS Supervisory Convergence Final Report PDF
583.61 KB

This report includes a Review of Greek Government Bonds accounting practices in the IFRS Financial Statements for the year ended 31 December 2011.
16/08/2012 2012/525 Summary of responses on considerations of materiality in financial reporting Corporate Disclosure, IFRS Supervisory Convergence Final Report PDF
383.4 KB
25/09/2012 2012/602 ESMA Data on Prospectuses Approved and Passported- January 2011 to December 2011 Prospectus, Corporate Disclosure Final Report PDF
573.49 KB
25/09/2012 2012/603 ESMA Data on Prospectuses Approved and Passported- January 2012 to June 2012 Prospectus, Corporate Disclosure Final Report PDF
431.12 KB		 NOTE: This Report is an amended version of the Report published on 25 September 2012. The previously published Report was amended on 15 May 2013 following the discovery of factual errors in the statis-tical information in Section III.2.   Title ESMA Data on Prospectuses Approved and Passported - January 2012 to June 2012
20/09/2013 2013/1138 Trends, Risks, Vulnerabilities No. 2, 2013 Risk Analysis & Economics - Markets Infrastructure Investors Final Report PDF
2.92 MB
20/09/2013 2013/1139 ESMA Risk Dashboard No.3, 2013 Risk Analysis & Economics - Markets Infrastructure Investors Final Report PDF
891.55 KB
15/11/2013 2013/1454 ESMA Risk Dashboard No.4, 2013 Risk Analysis & Economics - Markets Infrastructure Investors Final Report PDF
1.12 MB		 The European Securities and Markets Authority (ESMA) is publishing its Risk Dashboard No.4 for 2013. The Risk Dashboard provides a snapshot of risk issues in the third quarter of 2013 and covers the following areas: Economic environment and securities markets conditions; Liquidity Risk; Market Risk; Contagion Risk; and Credit Risk.
18/11/2013 2013/1664 Review of Accounting Practices- Comparability of IFRS Financial Statements of Financial Institutions in Europe Corporate Disclosure Final Report PDF
1.3 MB		 This report provides an overview of accounting practices of financial institutions in Europe in selected areas related to financial instruments. It evaluates the level of comparability and quality of the disclosures in the 2012 IFRS financial statements of a sample of 39 major European financial institutions and includes recommendations to enhance the transparency of financial information through the application of the IFRS provisions. Transparent financial information plays a key role in maintaining market confidence, improving markets’ efficiency by allowing investors to identify risks in a timely manner, contributing to financial stability and is a pre-requisite in creating premises for sound economic growth. As an effect of market turbulences resulting from the financial crisis, transparency and comparability of the financial statements of financial institutions have gained increased importance for market participants. In this context, ESMA has intensified its reviewing activities, with an increased focus on the financial statements of financial institutions and together with EBA and ESRB has undertaken further initiatives to improve the level of confidence in the financial sector by asking financial institutions to provide better disclosure of financial and risk information in financial reporting. Overall ESMA found that disclosures specifically covered by requirements of IFRS 7 – Financial Instru-ments: Disclosures were generally provided and acknowledges the efforts made by financial institutions to improve the quality of their financial statements. Yet, ESMA observed a wide variability in the quality of the information provided and identified some cases where the information provided was not sufficient or not sufficiently structured to allow comparability among financial institutions. Some financial institutions provided disclosures that were not specific enough, lacked links between quantitative and narrative information, or provided disclosures that could not be reconciled to the primary financial statements. ESMA urges issuers to take a step back and consider the overall objectives of IFRS 7 against their specific circumstances when preparing disclosures. When information was provided outside financial statements (e.g. in a risk report or business review), in some cases it was unclear whether it was incorporated by reference. In general, users of financial infor-mation would benefit if information provided in different sections of the financial report were linked to each other and if information provided across these reports was consistent or major differences in bases used to provide this information were explained.
02/12/2013 2013/1775 Sovereign ratings investigation- ESMA’s assessment of governance, conflicts of interest, resourcing adequacy and confidentiality controls Credit Rating Agencies Final Report PDF
302.99 KB		 This report summarises the findings of the European Securities and Markets Authority’s (ESMA) general investigation into sovereign credit ratings issued by Fitch Ratings, Moody’s Investors Service and Standard & Poor’s which took place between February and October 2013, as indicated in its Credit Rating Agencies (CRAs) 2013 Supervision and Policy Work Plan. In this report ESMA describes the observed deficiencies and main concerns while also identifying a number of good practices in the following areas: • the role of senior management and other non-rating functions in the rating process and the actual or potential conflicts of interest which could arise; • the actual or potential conflicts of interests generated by the involvement of sovereign analysts in research and publication activities; • confidentiality of sovereign rating information and controls in place prior to publication of ratings (including IT and access controls to confidential information); • timing of publication of sovereign ratings, including timely disclosure of rating changes; • monitoring of the adequacy and expertise of resources dedicated to sovereign ratings; • preparation of rating committees; and • definitions of roles and responsibilities among different analytical functions. ESMA’s investigation revealed shortcomings in the sovereign ratings process which could pose risks to the quality, independence and integrity of the ratings and of the rating process. As of the date of this document, ESMA has not determined whether any of the observations made in this report constitute serious indications of the possible existence of facts liable to constitute one or more infringements of the CRA Regulation.
18/12/2013 2013/1943 ESMA Data on Prospectuses Approved and Passported—January 2013 to June 2013 Prospectus, Corporate Disclosure Final Report PDF
338.17 KB
14/02/2013 2013/212 Trends, Risks and Vulnerabilities report Risk Analysis & Economics - Markets Infrastructure Investors Final Report PDF
2.03 MB
14/02/2013 2013/213 ESMA Risk Dashboard No.1, 2013 Risk Analysis & Economics - Markets Infrastructure Investors Final Report PDF
717.92 KB
14/02/2013 2013/218 Considerations of materiality in financial reporting Corporate Disclosure, IFRS Supervisory Convergence Final Report PDF
446.95 KB

Pages